Buying Property

Bruce Is Selling Real Estate Now – Get Your Property Listed Today!

If you are considering purchasing a new home, farm, or vacant recreational parcel please read this valuable information. No one wants to pay too much or have unwanted surprises at closing or after the sale. Bruce Kilmer has over 25 years of experience helping people reach their real estate and investment goals. All real estate is an investment in your future and it requires care and a professional to help guide you through the process.

What types of inspections do I need and who pays for them?

What is a home warranty and who pays for it?

What are my closing costs?

Is this home or property priced correctly?

Do I need a survey?

What is buyer agency?

Bruce Kilmer has the experience to help you search and find quality homes and properties. Bruce is experienced with inspections, offer to purchase paperwork, and closing details. Bruce works evenings and weekends and makes house calls to make the process easy for you.

Buyers are always encouraged to have a home inspection. This is usually a cost to the buyer. Home inspections cost between $300 to $450. For rural home purchases buyers are also encouraged to ask to have a well, water, and septic inspections. All tests and inspections must all be requested in writing in your offer to purchase or with the appropriate addendum to the offer to purchase. Well, water, and septic inspections are typically a cost of the seller and performed by a licensed plumber and well and pump installer. Well, water, and septic inspections usually cost $300 – $450.

Home warranty’s have become very popular as they insure the major components of the home for one year. This includes your furnace, air conditioner, water heater, electrical, and plumbing systems. Additional coverage can also insure home appliances, garage door openers, well and septic pumps, and swimming pool equipment. This coverage is often provided by the seller and in some instances by the listing realtor. Costs can range from $400 to over $600 depending on the level of coverage you select. A buyer can also request a home warranty as part of their offer to purchase.

Sellers typically will pay for an owners title insurance policy, deed and transfer return, gap endorsement, and pay the transfer tax to the state. The closing fee paid to the title company or attorneys office can be negotiated to be paid by the buyer or seller or split between buyer and seller. Buyers are responsible for appraisals, loan fees and credit checks, flood certification, buyers loan title policy, and any other loan fees as directed by buyers lender. All fees and closing costs can be negotiated in the offer to purchase and counter offers and must be in writing.

No one wants to over pay for their home or property. Involving an experienced realtor who knows your market is important to your success. Realtors have access to important information and data from the multiple listing service to compare sold homes and property and what other similar homes and property are currently selling for. Many variables such as overall condition, age, square footage, acreage, and location can greatly affect a home or properties value. Don’t over pay, have an experienced realtor help you.

If you are uncertain or if there are questions as to what the property lines or dimensions are it is always best to have the property professionally surveyed. Surveys can show the location of buildings, streets, sidewalks, and other important landmarks. Surveys will locate the property corners and lot lines and show you if there are any encroachments on to the property. When in doubt ask for a survey in your offer to purchase or the appropriate addendum to your offer tot purchase.

Buyer agency is a written agreement between the buyer and the realtor establishing a written set of terms, guidelines, and services the realtor will provide for the buyer. The buyer agency agreement can compensate the realtor in several way for their work. The realtor can be paid a success fee called a co-broke with the listing realtor at closing. This fee is offered in writing by the listing broker through the multiple listing service. The buyer can also compensate the realtor directly outside of closing with a success fee agreed to in writing. Buyers agency agreements can be whatever the buyer and realtor agree to in writing. Buyers agency agreements can be any length of time and usually six months to a year. Buyer agency provides the buyer professional representation in a transaction. Buyers agents are unable to provide legal advice.

If you have legal questions involving real estate always consult an attorney experienced in real estate.

Licensed Broker in Wisconsin Licensed Broker in Iowa Graduate Realtor Institute Member of LARA, La Crosse Area Realtors Association Member of WRA, Wisconsin Realtors Association Member of NAR, National Association of Realtors Notary Public